TMI Blog2019 (4) TMI 1174X X X X Extracts X X X X X X X X Extracts X X X X ..... e Commissioner of Income Tax vs. M/s United Mercantile Cooperative Bank Ltd [ 2011 (11) TMI 666 - ALLAHABAD HIGH COURT] on the basis of the Apex Court judgment reported in Commissioner of Income Tax vs. Karnataka State Cooperative Apex Bank [ 2001 (8) TMI 9 - SUPREME COURT] wherein it has been held that interest arising from investment made in compliance with the statutory provisions to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rred to as 'the Act') against the order dated 31st March, 2005 passed by the Income Tax Appellate Tribunal,(Lucknow Bench) for the assessment year 1998-99. The appeal has been admitted on the following questions of law: 1. Whether on the facts and in the circumstances of the case, Income Tax Appellate Tribunal was correct in law in holding that interest on securities was a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) on the basis of the Apex Court judgment reported in Commissioner of Income Tax vs. Karnataka State Cooperative Apex Bank (2001 (251) ITR 194) wherein it has been held that interest arising from investment made in compliance with the statutory provisions to enable it to carry on banking business would be exempt under section 80P(2)(a)(i) of the Act. In this view of the matter, w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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